Sources inform ''Globes'' that Dune Medical Devices Ltd. has completed a $7.7 million financing round and received options for an additional investment of up to $5 million. One option is through October 2010, and the other is through March 2011. The developer of real-time tissue characterization technology for cancer diagnosis is a graduate of Misgav Technology Center incubator.
Dune Medical, founded in 2002 is developing a treatment for breast cancer. The company's product examines suspicious tumors removed from patients during surgery. The device can provide doctors with a rapid indication whether the tumor is malignant and whether it has been completely removed, since the test is conducted on the edge of the growth.
Currently, tumors found in a patient are sent to a pathology lab for testing, a process which takes at least 24 hours. If the tests find that the tumor has not been completely removed, there is need for additional surgery. Dune Medical's device provides immediate results while the surgery is in progress.
Dune Medical will use proceeds from the financing round to speed up sales in Europe and prepare for sales in the US. The company has already sold its device to Israel's Assaf Harofeh Hospital and Barzilai Hospital, and is due to launch the product in Germany in two months.
Dune Medical founder and CEO Dr. Dan Hashimshony said, "We recently completed a large trial in the US with 660 patients participating. The objective of the trial was to demonstrate that our device not only improves diagnosis during surgery, but also affects the clinical results of patients at the end of the surgery. We believe that if fewer patients are left with the remains of malignant tumors, there will be less need for repeat surgical procedures."
Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2010
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